金山云跌约8%，万国数据跌约4%，京东集团跌约4%，阿里巴巴跌约3%。 来源：滚动播报 ...

Group 1 - The core message of the news is that Xiaomi is committed to a high-end strategy and continuous investment in core technology, as demonstrated by the launch of new flagship products and innovations in various fields [1][2] - Xiaomi has introduced the Xiaomi 17 series and Xiaomi Pad 8 series, showcasing innovations in smartphone interaction and personalized experiences, as well as custom services for its automotive offerings [1] - The company has achieved significant milestones, including becoming the first tech company to span across smartphones, automobiles, and home appliances, and has developed its first 3nm flagship processor, positioning itself among the top global tech firms [1][2] Group 2 - Xiaomi's revenue surpassed 200 billion yuan in 2020, marking the beginning of its high-end exploration, with a commitment to invest 100 billion yuan in core technology research over the next five years [2] - The company has maintained a leading market share in the domestic smartphone segment priced between 4,000 to 5,000 yuan and has surpassed Apple in market share in Europe during the second quarter of this year [2] - Xiaomi's founder expressed confidence in the increasing innovation capabilities of Chinese companies, particularly in chip-level and material-level innovations, which are enhancing domestic product competitiveness [2]

记者丨雷晨 编辑丨朱益民 " 没有突然，也没有一夜之间 ，每一件事情都是花了3年、5年，都是投了100亿、300亿才出 来的。"在雷军年度演讲结束后的媒体交流会上，小米创始人雷军面对21世纪经济报道等媒 体，如此回应外界对小米"一夜蜕变"的误解。 五年前，小米正处于内外交困的关键节点——市场批评声不断，内部也充满焦虑。雷军回忆 道，当时小米不得不重新思考何去何从，最终明确了两个核心变化。首要变化便是坚定转型方 向：从机会驱动的互联网公司，转向使命驱动的智能制造与硬核科技领域。 为支撑这一转型，小米早早制定了"五年投1000亿"的研发计划，即便2019年全年研发费用仅 75亿，仍咬牙推进，最终实际投入约1020—1050亿元；而新五年的研发规划，更是将投入翻 倍至2000亿。 据雷军透露， 仅今年一年，小米的研发投资就已达300多亿元 ，"很多东西，如果没有足够的 研发投入，你是不可能做到的。" 这份坚持，在小米17系列上得到了直观体现。从过去的"全面跟随"，到如今"绝大部分技术都 领先时代"，小米17不仅引发市场热议，更让雷军有了"全面对标iPhone"的底气。 雷军直言，五年前小米提出对标苹果，就是要有敢于 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 65.4 [5][7]. Core Insights - Xiaomi's recent product launch includes the Xiaomi 17 series smartphones, Pad 8, smart home appliances, routers, and a customized service for its automotive line, indicating a strong focus on innovation and ecosystem development [1][2]. - The company emphasizes its ongoing investment in hard technology, particularly in self-developed chips and smart vehicles, which are expected to support the development of a comprehensive "people-vehicle-home" ecosystem [1][4]. Summary by Sections Mobile Phones - The Xiaomi 17 series features competitive pricing and significant improvements in battery life, with the standard version priced at HKD 4,499 and the Pro version at HKD 4,999, which is a reduction of HKD 300 from the previous model [2]. - The new series utilizes Qualcomm's Snapdragon 8 Elite chip, manufactured with TSMC's 3nm process, and boasts a battery life improvement of 109% for the standard model compared to the iPhone 17 [2]. Automotive - Xiaomi introduced a customization service for its automotive line, allowing for personalized options for the SU7 Ultra and YU7 Max models, which is expected to attract high-end users and enhance brand prestige [3]. - The gross margin for Xiaomi's automotive and AI innovation business reached 26.4% in Q2 2025, an increase of 11 percentage points year-over-year, indicating a positive trend in profitability [3]. Annual Presentation - Founder Lei Jun highlighted the company's advancements in self-developed chips and electric vehicles since 2021, showcasing the successful launch of the Xuanjie SoC chip and the SU7 Ultra model, which has achieved notable performance metrics [4]. Profit Forecast and Valuation - The report projects Xiaomi's net profit for 2025-2027 to be RMB 443.1 billion, RMB 526.3 billion, and RMB 671.2 billion respectively, maintaining a target price of HKD 65.4 based on a sum-of-the-parts (SOTP) valuation method [5][42].

Core Viewpoint - The classic game IP "Angry Birds" is making a comeback in the Chinese market through a collaboration between Kingsoft Game, Sega, and Rovio, marking its return after nearly four years [1][3]. Group 1: Market Impact - "Angry Birds" has surpassed 5 billion downloads globally as of 2022, indicating its immense popularity and brand recognition [3]. - The reintroduction of "Angry Birds" in China is expected to further enhance its market influence, leveraging its existing loyal fan base [3]. Group 2: Strategic Collaboration - The partnership signifies a deepening of long-term strategic collaboration between Kingsoft Game and top international IP holders, focusing on localized operations and global IP management [3][4]. - Kingsoft Game aims to utilize its insights into Chinese player demands and its operational capabilities to drive the development of "Angry Birds" in the Chinese market [3]. Group 3: IP Strategy - Kingsoft Game views this collaboration as a significant step in its "IP strategy," aiming to create sustainable cultural assets through the introduction and operation of quality IPs [4]. - The company has prior experience in IP operations, having launched successful titles like "全民泡泡超人" and "猫咪和汤," aligning with its strategic direction [3].

Core Insights - Xiaomi officially launched the Xiaomi 17 series smartphones on September 25, 2025, featuring the Qualcomm Snapdragon 8 Gen 5 processor, built on TSMC's 3nm process, with a peak frequency of 4.6GHz and a 10% reduction in power consumption compared to the previous generation [3] - The pricing strategy of "more for less" positions the Xiaomi 17 standard version starting at RMB 4,499, the 17 Pro at RMB 4,999, and the 17 Pro Max at RMB 5,999, effectively covering the high-end market segment priced between RMB 5,000 and 7,000, demonstrating Xiaomi's commitment to high-end product offerings [3] - In the innovation sector, Xiaomi improved the YU7 basic version's range from approximately 620 kilometers to 835 kilometers, maintaining the same price point, which enhances product competitiveness [3] - Xiaomi's founder, Lei Jun, emphasized the need for an investment of at least RMB 50 billion and a commitment of at least ten years for chip development [3] - Overall, Xiaomi is expanding its product line with a focus on value for money, which aligns with consumer expectations for Xiaomi products [3]

Group 1 - Morgan Stanley reports that Xiaomi Group-W (01810) launched its flagship smartphone series, the Xiaomi 17, which includes three models: 17, 17 Pro, and 17 Pro Max [1] - The Pro and Pro Max models feature a new rear display, representing an innovative design that, combined with high product quality and attractive pricing, is expected to lead to better-than-expected sales performance [1] - Morgan Stanley maintains an "Overweight" rating on Xiaomi Group with a target price of HKD 62, positioning the stock as a top pick in the industry [1] Group 2 - Xiaomi has initiated a "customization service" in its electric vehicle business, offering five new custom colors, two new interior designs, and additional features such as custom logos and seat belts [1] - Although the initial production is limited to only 40 vehicles per month, this customization service is anticipated to become a key competitive advantage for Xiaomi's electric vehicles [1] - As the utilization rate of the new electric vehicle factory increases, the customization service is likely to expand to most models, helping Xiaomi maintain a steady flow of new orders [1]

Core Insights - Xiaomi launched the Xiaomi 17 series, including Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, on September 25, with pre-sales starting on the Vipshop platform and availability from September 27 [1][2] - The starting prices for the Xiaomi 17 series are 4499 yuan, 4999 yuan, and 5999 yuan respectively, with a 12-month interest-free installment option available on Vipshop [1][2] - The Xiaomi 17 series features the new Xiaomi Surge OS 3 and includes significant innovations such as a secondary display on the back of the Pro and Pro Max models, enhancing user experience [1][2] Product Specifications - The entire Xiaomi 17 series is powered by the fifth-generation Snapdragon 8 processor, with the Pro Max model featuring a Leica triple-camera setup, including a 50MP main camera and 5x optical zoom capabilities [2] - Battery capacities are approximately 6300mAh for the Xiaomi 17 Pro and 7500mAh for the Pro Max, both supporting 100W wired and 50W wireless fast charging [2] - The series is considered a major leap in Xiaomi's smartphone evolution, with industry experts viewing it as a direct competitor to Apple's high-end offerings [2] Market Positioning - Xiaomi 17 series is positioned as a flagship product aimed at the high-end market, marking a significant transformation for the brand over the past five years [2] - Vipshop has become a key partner for Xiaomi, with a notable demographic shift where over 70% of Xiaomi product purchasers on the platform are female [2]

智通财经APP获悉，摩根士丹利发布研报称，小米集团-W(01810)周四(25日)发布其旗舰智能手机——小 米17系列，包括三款型号——17、17 Pro及17 Pro Max。Pro及Pro Max型号配备全新后置屏幕，这是一 项创新设计。结合优良的产品质量及吸引人的价格，大摩认为小米17系列的销售表现很可能超预期。此 类新产品可能加速小米在高端智能手机市场的份额增长。大摩维持小米集团"增持"评级，目标价62港 元，将该股定位行业内首选。 与此同时，小米已在其电动车业务中启动"客制化服务"。大摩表示，该服务将推出五种新定制颜色、两 种新内饰设计以及其他新功能，如定制标志、安全带等。虽然初期数量非常有限，每月仅40辆，但相 信"客制化服务"将成为小米电动车的关键竞争优势。一旦新电动车工厂的利用率提升，"客制化服务"很 可能扩展至大多数型号，帮助小米维持稳健的新订单流。 ...

Core Viewpoint - The return of the back screen in the smartphone market, particularly as a key feature of the Xiaomi 17 Pro series, is unexpected and indicates Xiaomi's strong expectations for this technology [1][3]. Group 1: Back Screen Technology - Xiaomi has invested significant resources into the "Miao Xiang Back Screen" feature, with development and manufacturing costs reaching 1 billion yuan, making it challenging for other brands to follow suit [3]. - The back screen is not a new concept in the smartphone market, as it was first introduced by Meizu in 2017 with the "Intelligent Window" design [5]. - Previous attempts by various manufacturers, including Meizu and Xiaomi, to implement back screens were not successful, leading to a decline in interest in this feature [5][7]. Group 2: Market Position and Differentiation - The functionalities offered by the back screen in the Xiaomi 17 Pro series, such as personalized wallpapers and notifications, could also be effectively managed by the main screen, raising questions about the necessity of the back screen [5][7]. - The introduction of the back screen may be more about creating product differentiation rather than addressing high-frequency user needs or efficiency improvements [7]. - While the back screen provides some unique features for the Xiaomi 17 Pro, it is unlikely to achieve the same level of innovation and market impact as Apple's Dynamic Island, which effectively addressed user interaction challenges [10]. Group 3: Future Outlook - There are concerns that the back screen design may not achieve lasting success and could become a fleeting trend, similar to the previous back screen attempts by Xiaomi [11]. - Xiaomi's software director has assured users that the back screen will not be removed in future iterations, indicating a commitment to this feature [11]. - The market's acceptance of the Xiaomi 17 Pro series will ultimately determine the success of the back screen, with the product being perceived as having good value for money due to its strong battery life and imaging capabilities [11].